Shares of Fermi Inc. (NASDAQ:FRMI) are down 32.8%, last seen trading at $10.25. The tumble follows news that, despite a preliminary late 2025 agreement with a potential Project Matador AI data center tenant -- which included up to $150 million in possible construction support -- no funds were drawn, with the tenant ultimately terminating the deal yesterday. The stock is now trading at its lowest level on record. FRMI has shed 73.1% this year, a stunning reversal from its Oct. 2 record high of $36.99. Shares ...

Core Viewpoint - Fermi (FRMI.US) experienced a pre-market drop of over 40%, trading at $8.84, following the termination of a $150 million construction funding agreement by an investment-grade tenant for its Matador project in Texas [1] Group 1: Financial Impact - The company disclosed that the tenant, which had committed to provide up to $150 million under a construction funding agreement signed in November last year, has not drawn any funds [1] - The termination of this agreement significantly impacts the company's financial outlook and project funding [1] Group 2: Ongoing Negotiations - Fermi stated that negotiations regarding the lease agreement terms are still ongoing, indicating that there may be potential for resolution [1] - The company remains optimistic about meeting expected power delivery timelines due to strong demand for electricity for artificial intelligence applications [1]

Fermi, co-founded by a former secretary of energy, Rick Perry, said its first potential tenant of Project Matador has backed out of an agreement to provide $150 million in advance funding. ...

Core Viewpoint - Shares of Fermi experienced a significant decline of 40% following the announcement that a prospective tenant had terminated a deal intended to fund construction at its Texas site [1] Company Summary - Fermi is a data center real estate investment company [1] - The termination of the deal represents a setback for the company's construction plans in Texas [1]

Core Viewpoint - Fermi (FRMI.US) experienced a pre-market drop of over 40%, trading at $8.84, following the termination of a $150 million construction funding agreement by an investment-grade tenant for its Matador project in Texas [1] Group 1: Company Developments - The company disclosed that the tenant, which had committed to provide up to $150 million under a construction funding agreement signed in November last year, has not drawn any funds [1] - Negotiations regarding the lease agreement terms for the site are still ongoing [1] Group 2: Industry Context - The company remains confident in its ability to meet the expected power delivery timelines due to the continued strong demand for electricity for artificial intelligence applications [1]

该公司表示，关于该场地租赁协议条款的谈判仍在继续，并补充说，由于对用于人工智能应用的电力需 求依然"强劲"，它"仍然有信心能够满足预期的电力交付时间表"。 周五，Fermi(FRMI.US)盘前暴跌超40%，报8.84美元。消息面上，此前该公司披露，一家投资级评级的 租户终止了为其位于德克萨斯州的马塔多项目提供1.5亿美元建设资金的协议。公司表示，去年11月签 署的《建设资助协议》承诺该租户将提供高达1.5亿美元的资金，但实际上并未提取任何资金。 ...

Core Insights - A nascent AI infrastructure company has reported that a potential tenant has canceled a $150 million agreement [1] Company Summary - The company is in the early stages of development within the AI infrastructure sector [1] - The cancellation of the agreement represents a significant setback for the company, impacting its projected revenue [1] Industry Summary - The AI infrastructure industry is experiencing volatility as companies navigate tenant agreements and market demand [1] - The cancellation highlights potential challenges in securing long-term contracts within the rapidly evolving AI sector [1]

Core Viewpoint - Fermi America has signed a definitive Electric Service Agreement (ESA) with Southwestern Public Service Company (SPS) to provide up to 200 megawatts (MW) of electrical capacity for its Project Matador Campus, which is crucial for supporting large-scale artificial intelligence and computing operations [1][3]. Group 1: Agreement Details - The ESA stipulates that SPS will begin delivering 86 MW of electrical capacity in January 2026, with plans to ramp up to 200 MW [1]. - The electricity will be supplied through SPS's high-voltage 115-kilovolt transmission system, ensuring reliable service [3]. Group 2: Company Statements - Larry Kellerman, Chief Power Officer of Fermi America, emphasized the importance of this agreement in transforming intent into execution, highlighting the strong support from Xcel Energy [2]. - Toby Neugebauer, Co-founder and CEO of Fermi America, noted that the partnership with Xcel Energy demonstrates the feasibility of developing reliable, large-scale energy for artificial intelligence on time and within budget [2]. Group 3: Company Background - Fermi America is focused on developing next-generation private electric grids that deliver highly redundant power at gigawatt scale, essential for artificial intelligence applications [5]. - The Project Matador Campus is expected to integrate various energy sources, including a significant combined-cycle natural gas project, a large nuclear power complex, utility grid power, solar power, and battery energy storage [5].

Core Insights - Fermi America has signed a non-binding Memorandum of Understanding (MOU) with MVM EGI Zrt. to develop a next-generation cooling system for its 11-gigawatt private energy grid campus, marking a significant advancement in delivering reliable and clean energy while conserving natural resources [1][3][5] Group 1: Partnership and Project Overview - The partnership aims to engineer hybrid dry-wet cooling towers that will significantly reduce water usage, achieving over 80% less evaporative loss compared to conventional cooling systems [2][5] - The MOU outlines a series of milestones for preliminary engineering and feasibility studies, leading to a detailed design for cooling towers that will support Project Matador's 6 gigawatts of natural gas generation and four AP1000 nuclear units [3][4] Group 2: Environmental Commitment - The hybrid cooling system will rely primarily on air cooling and closed-loop water circulation, minimizing evaporation and promoting responsible water resource management [5][7] - The collaboration emphasizes the use of recycled and reclaimed water, as well as technologies like underground reservoirs and solar-covered retention ponds to further protect the Ogallala Aquifer [5][6] Group 3: Project Timeline and Future Plans - Construction of the first cooling tower is set to begin in January 2026, with the full cooling system expected to be completed by 2034, aligning with the phased development of gas and nuclear units [4][6] - The project reflects Fermi America's commitment to community-oriented development and sustainable practices, with a long-term investment strategy tied to the health of the Panhandle region [6][7]

Core Viewpoint - Fermi Inc. (NASDAQ:FRMI) is identified as a strong investment opportunity under $20, with a consensus Buy rating from analysts and a significant upside potential of over 102% based on a median price target of $32 [1]. Group 1: Analyst Ratings and Price Targets - Cantor Fitzgerald reaffirmed an 'Overweight' rating for Fermi Inc. with a price target of $33, indicating a potential upside of about 108% due to the company's extensive data center development in Texas [2]. - Evercore ISI analyst Nicholas Amicucci reiterated a 'Buy' rating with a price target of $37, suggesting a potential surge of approximately 134% from the current price level [4]. Group 2: Company Developments and Infrastructure - Fermi Inc. is developing a 5,200-acre campus in Amarillo, Texas, which is expected to become the largest artificial intelligence data center campus in the U.S., with plans to deliver 11 GW of tenant-direct power and nearly 15 million square feet of data center shells by 2038 [3]. - The company is well-positioned to achieve around 1.1 GW in new power by the end of 2026, which is considered unmatched in the industry [4]. Group 3: Company Overview - Fermi Inc. is a Texas-based energy and hyperscaler development company focused on infrastructure for AI development, founded in January 2025, and aims to meet the power needs of future AI applications [5].